Mustang Announces Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2009) - Mustang Minerals Corp. ("Mustang")(TSX VENTURE:MUM) is pleased to announce that it plans to complete a non-brokered private placement (the "Offering") of up to $1,000,000 of common shares of Mustang issued on a "flow-through" basis (the "Flow-Through Shares"). The Offering will be made pursuant to exemptions from the prospectus requirements of the applicable securities laws. The Flow-Through Shares issued will be subject to a hold period of four months and one day from date of closing.

The net proceeds from the Offering will be used by Mustang for exploration and to advance the ongoing development of its Maskwa Nickel Deposit.

The Flow-Through Shares will be issued at a price of $0.13 per share. The Flow-Through Shares will be distributed by way of private placement in the provinces of Ontario, Alberta, British Columbia and other such jurisdictions as the directors may determine.

Mustang has not retained any party to solicit subscriptions for the Flow-Through Shares pursuant Offering. Mustang will, however, pay a finders fee equal to 6% of the number of Flow-Through Shares sold by qualified registrants who participate in the Offering and will also grant, as additional compensation, warrants equal to 6% of the number of Flow-Through Shares sold by such finders under this Offering. Each full warrant entitles the holder to subscribe for one (1) common share at the exercise price of $0.25 for a period of 18 months after the closing date.

This news release includes certain forward-looking statements concerning the future performance of the Company's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the Company cautions against placing undue reliance thereon. Neither the Company nor its management assumes any obligation to revise or update these forward-looking statements.

Shares Outstanding: 81,228,239

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."